Cardano’s IOHK, Hedera Join Ripple Foundation, Algorand as Founding Members of Alliance for Decentralized Recovery

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IOHK, the technology firm behind Cardano, and Hedera have officially joined the Decentralized Recovery Alliance (DeRec) as the final founding members. They will partner with existing founders including the Algorand Foundation, Hashgraph, Ripple and XRPL Labs, as DeRec announced today.

Explaining the reason behind the move, Charles Hoskinson, founder of Cardano and Input | CEO Output (IOHK), said the mission of the DeRec Alliance aligns with Cardano’s commitment to open-source, collaboration and improving the user experience.

“Entry | Output has always been committed to open-source principles, cross-industry collaboration and blockchain interoperability. As an industry trying to drive wider adoption, we should all be committed to the relentless pursuit of security, accessibility and improving the user experience,” said Hoskinson.

Originally launched by Hedera and Algorand, the DeRec Alliance aims to establish an interoperability recovery standard to promote widespread adoption of crypto assets.

The goal is to simplify the recovery of digital assets, making it as simple as recovering an online web2 account, which could greatly benefit web3 newcomers.

“We co-founded the DeRec Alliance as part of our mission to improve UX for the entire ecosystem, from end-users to developers, providing a better, more accessible and safer experience for all,” John Woods, CTO of Algorand. Foundation, discussed the objective of the Alliance. “Simplified key recovery is vital, as is further decentralization of other critical infrastructure.”

As founding members, IOHK and Hedera will serve two-year terms on the Technical Oversight Committee (TOC). They will play a leadership role in oversight and governance, contributing to the Alliance’s strategic focus and addressing the needs of its growing community.

Ripple and XRPL Labs joined the DeRec Alliance as founding members in May. The entities are working together on an open-source protocol for the decentralized recovery of lost digital assets such as secret keys, passwords and passphrases.

The alliance also includes members such as DLT Science Foundation, Oasis Protocol Foundation and Palisade, among others. Members will help develop DeRec’s open-source protocol, which facilitates decentralized recovery and ensures that personal data remains secure and confidential.

“For the industry to achieve true adoption, DApps must match their web2 counterparts in terms of flexibility, privacy, performance and user experience,” noted Jernej Kos, director of the Oasis Protocol Foundation. “Our unified mission is to remove this longstanding friction point and make web3 more accessible to all.”

Dr. Leemon Baird, co-founder of Hedera, believes that the collaborative effort between various ecosystems plays an important role in improving decentralized recovery solutions.

“It’s exciting to see industry collaborating across so many ecosystems to provide the decentralized recovery that the world so desperately needs,” said Dr. Leemon.

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